What Happened to GameStop Collectibles?

GameStop, once primarily known as a brick-and-mortar video game retailer, has undergone a profound transformation, with collectibles now at the forefront of its business strategy. This shift was necessitated by the secular decline in physical video game sales, driven by the rise of digital downloads and subscription services. Under the leadership of CEO Ryan Cohen, GameStop has leveraged its brand recognition and existing retail footprint to tap into the lucrative and growing collectibles market, which typically offers higher profit margins than traditional video game sales.

The company's pivot gained significant momentum in late 2023 and 2024, as it began to explicitly prioritize high-margin collectibles, including trading cards, action figures, and various pop culture merchandise. By December 2025, collectibles accounted for nearly a third (31.2%) of GameStop's total net sales, providing a crucial buffer against declining hardware and software revenues. This strategic reorientation was further underscored by the company's decision to exit its ventures into the Web3 space. After discontinuing its NFT wallet in August 2023, GameStop officially announced the closure of its NFT marketplace in January 2024, citing persistent regulatory uncertainties in the crypto space.

A key development in GameStop's collectibles strategy in 2026 was the launch of "Power Packs" on April 15, 2026. This innovative digital trading card platform allows collectors to purchase digital packs that unlock real, PSA-graded trading cards, securely stored in the PSA Vault. This initiative, covering categories like Pokémon, Football, Basketball, and Baseball, signifies GameStop's move into a hybrid physical-digital collectibles model. The success of this pivot became evident in GameStop's Q1 2026 earnings report, released on June 2, 2026. Collectibles revenue surged to $348.9 million, representing a 65% year-over-year increase and making it the largest sales segment, accounting for 41.8% of total sales and surpassing both hardware and software.

This strong performance has emboldened GameStop's leadership to further commit to the collectibles segment. In July 2026, CEO Ryan Cohen publicly stated that physical games are "totally irrelevant" to GameStop's long-term strategy, reaffirming the company's focus on gaming collectibles. This strategic direction has also fueled discussions around potential partnerships or acquisitions, most notably with eBay. While an initial $55.5 billion unsolicited bid for eBay in May 2026 was reportedly rejected, by August 2026, GameStop was exploring a partnership to utilize its approximately 1,600 U.S. retail locations as physical hubs for trading cards and collectibles, combining eBay's online marketplace liquidity with GameStop's physical footprint.

As of August 16, 2026, GameStop's collectibles business is thriving, serving as the company's primary growth engine and a cornerstone of its transformation into a diversified holding company. While the company continues to manage its physical store footprint, with ongoing closures to optimize operations, the focus remains firmly on expanding its high-margin collectibles offerings, both physical and digital, and exploring strategic alliances to solidify its position in the broader collectibles market.